Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/68945
Authors: 
Brunner, Johann K.
Year of Publication: 
1993
Series/Report no.: 
Diskussionsbeiträge: Serie 1, Fakultät für Wirtschaftswissenschaften und Statistik, Universität Konstanz 266
Abstract: 
In recent contributions to the theory of public pension systems it was argued that a Pareto-improving transition from an established unfunded pension system to a funded one is possible. This result is derived in an overlapping-generations model with identical individuals. In the present study an extended model, with differing individuals, of an intragenerationally fair unfunded pension scheme is introduced. Within this more realistic framework it is shown that, in general, a Pareto-improving transition to a funded system is not possible, because any instrument applied for the financing of pensions in the phase of transition involves intragenerational redistribution.
Document Type: 
Working Paper

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